CALGARY — TC Energy Corp. says it has closed its previously announced sale of a 40 per cent stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems to New York City-based Global Infrastructure Partners for $5.3 billion.
The proceeds from the all-cash sale will be used to pay down some of TC Energy's debt.
The Calgary-based pipeline company had announced an asset divestiture program last fall, stating at the time it would seek to sell off at least $5 billion in non-core assets by the end of 2023.
The Columbia Gas and Columbia Gulf pipelines span more than 24,000 kilometres across North America.
They deliver a substantial portion of daily U.S. natural gas demand, including approximately 20 per cent of U.S. liquefied natural gas (LNG) export supply.
TC Energy will remain the operator of the pipelines, and will jointly fund their annual maintenance, modernization and growth together with Global Infrastructure Partners.
This report by The Canadian Press was first published Oct. 4, 2023.
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The Canadian Press